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Pier 1 Imports Q2 profit surges; raises forecast again

BY Katherine Boccaccio

Fort Worth, Texas — Pier 1 Imports reported Thursday that net income for the quarter ended Aug. 27 surged to $26.2 million from $16.6 million last year, prompting the home goods retailer to raise its full-year adjusted profit forecast for the second time in three months.

Total sales increased 8.3% to $367.6 million from $339.6 million in the year-ago period, edging Wall Street’s expected $367.2 million in revenue. Same-store sales rose 6.7% on top of last year’s 10.8% gain.

Pier 1 has been investing in-store revampments and has put a big focus on its e-commerce business.

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Stein Mart receives non-compliance notice from Nasdaq

BY Katherine Boccaccio

Jacksonville, Fla. — Stein Mart said Thursday that it received a notice of non-compliance on Wednesday from Nasdaq; specifically the retailer has not filed its second-quarter report.

By rule, Stein Mart has 60 days to submit a plan to regain compliance.

The retailer cited the replacement of its legacy merchandise information system, which delayed accounting reconciliations. It said it will file within the prescribed 60-day time frame.

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DSW awarded $7.2 million for credit card breach

BY Katherine Boccaccio

Columbus, Ohio — DSW Inc. said Thursday that it has been awarded $7.2 million as a result of litigation with its insurance carrier stemming from its credit card data breach in 2005.

The $7.2 million award represents damages plus accrued interest.

In other news, DSW has declared a special dividend totaling $91 million to be paid on Oct. 26 to shareholders. According to president and CEO Mike MacDonald, the special distribution, which is in addition to the regular dividend, represents “significant cash flow generation.”

The company also named James O’Donnell to its board. O’Donnell is the former CEO of American Eagle Outfitters.

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